(1) Financial companies, etc. shall perform financial transactions with customers under their real names.

(2) Notwithstanding the provisions of paragraph (1), financial companies, etc. need not to verify real names of the customers concerned in case of any transactions falling under any of the following subparagraphs:

1. Continuous transactions by accounts in which the real names of the customers have been verified, and transactions such as receipt of public impositions and transfers of not more than one million won, as prescribed by Presidential Decree;

2. Transactions such as the purchase of foreign currency, receipt of deposits in foreign currency or transfers of bonds in foreign currency, during the period prescribed by Presidential Decree;

3. Transactions of bonds that fall under any of the following (hereinafter referred to as "specific bonds") and are issued under the issue terms such as the period of issue, interest rate, and maturity as determined by the Minister of Finance and Economy between the enforcement date (December 31, 1997) of the Act on Real Name Financial Transactions and Confidentiality (Act No. 5493) and December 31, 1998:

(a) Bonds issued for employment stabilization, improvement of workers' vocational abilities and livelihood stabilization prescribed by Presidential Decree;

(b) Bonds in foreign currency that are foreign exchange equalization fund bonds referred to in Article 13 of the Foreign Exchange Transactions Act;

(c) Bonds issued for restructuring assistance to small and medium businesses, as prescribed by Presidential Decree;

(d) Corporate bonds issued by a securities finance company under Article 329 of the Financial Investment Services and Capital Markets Act;

(e) Other bonds issued for the stabilization of people's livelihood and the sound development of the national economy, as determined by Presidential Decree.

(3) No person shall perform financial transactions under the real name of another person for the purpose of concealing illegitimate property under subparagraph 3 of Article 2 of the Act on Reporting and Using Specified Financial Transaction Information, money laundering under subparagraph 4 of the aforementioned Article or financing of terrorism and evading compulsory execution under subparagraph 5 of the aforesaid Article, and other evasions of the law. <Newly Inserted on May 28, 2014>

(4) No person that works at a financial company, etc. shall render services for or arrange financial transactions under paragraph (3). <Newly Inserted on May 28, 2014>

(5) Financial assets held in the account that is identified under the real name of the account owner pursuant to paragraph (1) or in the account that is identified under the real name of the owner by means similar thereto pursuant to the relevant statutes or regulations of foreign countries shall be presumed to be owned by the account owner. <Newly Inserted on May 28, 2014>

(6) Any financial company, etc. shall explain the main content referred to in paragraph (3) to customers according to the method prescribed by the Financial Services Commission. <Newly Inserted on May 28, 2014>

(7) Methods and procedures for identifying real name transactions, entrustment of the task of identifying real name transactions and other necessary matters shall be prescribed by Presidential Decree. <Amended on May 28, 2014>

[This Article Wholly Amended on Jul. 14, 2011]